City of Charleston JOSEPH P RILEY JR MAYOR South Carolina BARBARA W VAU by 87rC547


									                                               City of Charleston
      MAYOR                                     South Carolina                                   BARBARA W. VAUGHN
                                                                                                  PUBLIC INFORMATION

                                                                       For Immediate Release: September 17th 2007

                                         CLOSURE OF IMAX THEATER

            The IMAX Theater in Charleston will close its doors today, Monday, September 17th.
     Rivers Enterprises, the owner of the IMAX Theater in Charleston, after much thoughtful
     consideration, reached the conclusion that the most prudent business decision was to close the

             IMAX is a technology company specializing in larger than life films based on its 70mm
     film format. Several IMAX theaters across the country are experiencing problems and have
     closed. Nationally, the parent company, Imax Corporation, recently reported second quarter
     results. A revenue decline of 28% helped swing the company to a $4.57 million loss. Second-
     quarter profits from continuing operations replaced a $0.04 per share profit a year earlier with a
     deficit of $0.11 per share. The closure of the IMAX Theater in Charleston is a business decision
     based on the financial challenges experienced by IMAX globally.

           The Aquarium Wharf area is a vibrant and exciting part of downtown Charleston.
     Aquarium Wharf is home to compelling and educational attractions such as the South Carolina
     Aquarium and is also a base for enchanting water based expeditions on the Schooner Pride, Fort
     Sumter Tours, the Charleston Water Taxi, Sandlapper Water Tours, Spiritline Cruises and
     Charleston Harbour Tours. Aquarium Wharf has restaurants offering family friendly and
     savory dining options as well. For more information, please visit

            While the IMAX will certainly be missed, Rivers Enterprises and the City of Charleston
     are working together closely to find a new occupant that will complement the Aquarium Wharf.
     There are abundant opportunities for this unique location, and Rivers Enterprises and the City
     are enthusiastic about working on a fresh strategy for the former IMAX space.

     FOR MORE INFO:                        Barbara W. Vaughn, Director
                                           Media Relations/Public Information
                                           Phone: (843) 724-3746 Fax: (843) 724-3734

               50 BROAD STREET • CHARLESTON, S.C. 29401 • TELEPHONE (843) 724-3746• FAX (843) 724-3734

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